In this third episode of the OpenYield Markets Podcast, host Mark Hebert is joined by Mark Rieder, Chief Investment Officer at LaMar Assets and author of Reminiscences of a Bond Operator, a book that’s quickly becoming a must-read on credit desks across the industry. Known for his sharp market instincts and decades of experience in both public and private credit, Rieder brings a rare combination of macro perspective and micro-level credit acumen to the conversation.

The two Marks dive into the state of today’s fixed income markets, drawing parallels between the current volatility and past dislocations like the global financial crisis—while also pointing out what makes this cycle uniquely dangerous. Rieder discusses how tariffs, government spending cuts, and a fatigued consumer are converging to create a market backdrop unlike anything we've seen before.

They explore how passive credit flows are distorting price signals, why liquidity can disappear just when it’s needed most, and why some investors may be overestimating the resilience of private credit markets. Rieder also shares his framework for identifying attractive entry points in credit, emphasizing the importance of being a liquidity provider when others are forced to sell.

The conversation turns tactical as the two explore sector themes, including stress in travel and leisure, potential tailwinds in utilities and energy infrastructure, and the role of AI in driving demand for data center-related credits. Rieder also lays out his “tariff playbook” and explains how smart investors can build portfolios positioned for resilience amid policy-driven volatility.

Whether you’re managing institutional capital or simply navigating your own investment strategy, this episode is packed with honest insights, historical context, and practical tools for thinking through today’s credit market challenges.

If you want to understand what seasoned credit professionals are watching right now, this is an episode you won’t want to miss.